The Office of Fair Trading (OFT) is to investigate how current account providers treat their customers.

BBC News examines what this could mean for your personal finances.

Why are current accounts being investigated?

The OFT wants to know if so-called "free banking" is as described.

It will look at whether consumers are actually paying for their "free" current account service through backdoor charges.

In short, the OFT is concerned about lack of transparency.

For example, under the banner of free banking, are current account providers pocketing large amounts in interest on cash held in accounts, levying high charges for using cards abroad or even making money from the time it takes for cheques to clear?

You can claim the last six years of charges, or five if you live in Scotland